Logs Errors to file and/or Sends Error Notification emails. Records Ping Errors and displays them in a dashboard widget.
There are too many possibilities to show them all in the Option Settings Logic section.
Hopefully the examples will provide enough insight so that you can figure out what you need for what you want.
And if you're unsure, Please, Please, Please, experiment with the settings for Log Options, NOT the Email Options.
But, that said, if enough people recommend or inquire about a particular configuration, it may just make it in a future version's "Top 4 settings" row. :)
A rough estimate of all the possible different option configuations, not taking into account for different settings producing the same result, is 4,420.
Needless to say, I have not verified that all of them work correctly. If you have trouble with any settings not working as expected, please contact me.